What forms, beside 8594, do I need to file my taxes sell of…

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What forms, beside 8594, do...

What forms, beside 8594, do I need to file my taxes for the sell of a sole proprietorship in 2015? Is goodwill entered on schedule D, long term capital gains? Is there an adjusted cost basis for the goodwill, if I originally received it, by exchanging my stock in "our" medical corporation for patient charts, contact info, along with some equipment and set up my own private practice (sole proprietorship) in 1983. RE: If the stock was worth $50,000 and the goodwill was $40,000, can I adjust that $40,000 off the amount that I received for the sell of my practice in May of 2015? RE If the amount attributed to goodwill in my practice sell = $100,000. Can I use an adjusted basis of $60,000 in determining the long term capital gains tax to be paid?Everything else that I received for the practice sell, that was not attributed to goodwill, equipment, supplies, non compete agreement etc is taxed as "normal" income, correct? Where is this entered on the 1040? Misc income?Thanks

If that goodwill was purchased and amortized - the amortization recaptured will be ordinary income and the rest will be capital gain.

Is there an adjusted cost basis for the goodwill, if I originally received it, by exchanging my stock in "our" medical corporation for patient charts, contact info, along with some equipment and set up my own private practice (sole proprietorship) in 1983.

If the goodwill was PURCHASED - and some assets you provided in exchange of the goodwill - the value of these assets is your basis in the goodwill.I assume that you correctly reported the sale of these assets back in 1983 using fair market value of these assets and amortized the goodwill after that.

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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.